The Polish second instance Court of Appeals in Warsaw upholds the prohibition decision of a merger in the energy sector by the Competition Authority (PGE)

I. The Facts Polska Grupa Energetyczna S.A. with its seat in Warsaw (“PGE”) is one of the four leading energy groups in Poland, the remaining three being Enea, Energa and Tauron. PGE intended to take control over Energa, through a conditional acquisition from the Minister of the State Treasury on 29 September 2010 of 84,19% of shares in the parent group company Energa S.A. with its seat in Gdansk (“Energa”). PGE notified the intended transaction to the President of the Office of Competition and Consumer Protection (the “OCCP”). On 20 October 2010, the OCCP initiated the pertinent concentration control proceedings in accordance with the Law of 16 February 2007 on the Protection of Competition and Consumers (the “Law”). On 13 January 2011, the OCCP issued a decision prohibiting the

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